...'That key early-stage data won't be released until medical conferences in 2010, suggest to us that management will take their time to evaluate the next steps and may even choose a back-up compound to test in early stage again,' analyst Liana Moussatos said.

Moussatos, who maintained her $15 fair value target, sees upcoming late-stage data on the company's experimental dry-eye treatment Prolacria as a 'high-risk catalyst' as the drug has had mixed data in the past.

'We give Prolacria a 30 percent or less likelihood of success,' she said in a note to clients.